Ukraine war: Singapore slaps sanctions on Russian banks, cryptocurrency transactions
- The unilateral measures include the imposition of export controls on items that can be used as weapons and targeted financial curbs on designated Russian banks
- Singapore’s biggest banks have already halted issuing US dollars for trades involving oil and liquefied natural gas
Sanctions include the imposition of export controls on items that can be used as weapons, targeted financial measures on designated Russian banks and restrictions on cryptocurrency transactions that may be used to circumvent financial sanctions, according to a statement from the Ministry of Foreign Affairs on Saturday.
The measures also ban Singapore’s financial institutions from providing services that would aid Russia’s government in raising new funds.
Singapore to set up cyber military force to fend off Ukraine-like attacks
Singapore sovereign wealth fund, GIC, on Saturday said it will cease investments of the government’s funds into newly-issued Russian sovereign and central bank debt.
“GIC continues to assess the Russian-Ukrainian situation and will ensure compliance with all applicable laws and regulations,” a GIC spokesperson said in an email.
Singapore rarely imposes sanctions on other countries in the absence of binding UN Security Council approval, with Foreign Minister Vivian Balakrishnan telling parliament on February 28 that Russia’s show of force threatens a world order that “would be profoundly inimical to the security and survival of small states.”
Singapore’s biggest banks are already restricting trade financing for Russian raw materials including a halt on issuing in US dollars for trades involving oil and liquefied natural gas. Singapore Airlines has meanwhile suspended all return services with Moscow due to operational reasons.
‘We’re bleeding but we won’t give up’, Ukraine ambassador to Malaysia says
Regional leaders are wary of the potential fallout from the war, with Asean foreign ministers on Wednesday calling for an “immediate ceasefire.”
We “are deeply troubled by the intensifying gravity of the situation and ensuing worsening humanitarian conditions resulting from the ongoing military hostilities,” they said in a joint statement.
The US, UK, European Union and Asian nations have by contrast ramped up sanctions against Russia in an effort to isolate the country.